First, we start off with a small refresher about artificial intelligence, AI refers to intelligence displayed by machines designed to stimulate human intelligence. Basically it’s the ability of a machine or a program to think, learn and adapt based on the information collected and actions taken. In other words an AI system overtime has the ability to present, give out better results and improve overtime.
According to Tractica (A market research firm), the global AI market revenue is expected to reach $118 billion by 2025. Gartner says that AI usage has grown up to 70% in the last four years, which shows us a clear indication of the growth and potential we are yet to see.
In fact 87% of companies that actually have adopted AI are using it to improve email marketing, content generation, customer support, business process redesign and extensive market analysis. All of this could be positive or negative depending on how we look at it, but now 75 countries around the world are using AI technology for surveillance. Cloud-based video surveillance (check out Arcules) systems use AI for diagnosting threats in real time.
Now, let’s have a look at how artificial intelligence is used to offer assistance in different domains in the global business market:
AI and E-Commerce:
Artificial intelligence plays a vital role in the ecommerce business, there are plenty of AI-based applications, termed as chatbots that are now used in ecommerce platforms.
This is how AI provides e-commerce assistance in the digital media.
AI tied up with the concept of online shopping is offering the global audience an experience of personalized shopping. With AI you have a recommendation engine though which you can engage better with your customers and similarly the customer can also reach out effectively.
These recommendations are made by taking into consideration the user’s usage history, preferences and interests at the same time. By providing these recommendations what businesses are doing is basically improving relations with customers and vice versa. As a result loyalties improve towards a certain brand and by extension causing an increase in the number of conversions.
With the application of Artificial Intelligence organizations can provide users with the ability to perform visual searches, users can upload an image of the item they require and search results are shown that have matched the query visually.
All of this can be done without the user having to type a single word, which has made product recognition really easy.
AI Powered Assistance:
Assistance like virtual shopping and ChatBots are helping improve user experience while shopping online. For this to take off there is a heavy reliance on systems like Natural Language Processing algorithms designed to make the conversations sound as human as possible.
Moreover, these assistants can have real-time engagement with the customers as they can handle multiple situations like taking feedback, solving queries and processing payments. With virtual assistance in place businesses all around the world are reducing hiring and training costs. Get maximum number of customers by determining your customer problems and fixing it in a timely manner, it is possible with Chatbot Platform like Botsify.
Customer trends are often difficult to predict but with AI they don’t have to be. AI systems in place right now have the ability to forecast demands related to a particular product. With this knowledge decisions on what to produce and when to produce have become positively impacted.
Companies by performing this are effectively meeting customer expectations and in turn this has helped improve customer experience and brand recognition.
Two of the biggest issues e-commerce faces are credit card fraud and fake reviews. By taking into consideration usage patterns, AI can help deal with reducing the possibility of credit card frauds taking place.
Similarly AI can also help identify fake reviews, as reviews play the biggest part in customer purchase decisions. By handling fake reviews companies are assisted in improving customer trust.
AI in Navigation:
Based on research performed by MIT, AI’s usage in GPS technology has been effectively providing users with accurate, timely and detailed information to improve traveling safety. This technology uses a combination of conventional neural networks and craft neural networks which has made life easier for users.
By automatically determining the number of lanes, alternate routes, road types, usual and unusual traffic flows traveling has become even more reliable.
AI in Robotics:
Now, let’s look at the role AI plays in the vast field of robotics.
Robots that are powered by AI use real-time updates to be able to maneuver through a particular path of travel. With this path the robot can sense obstacles and then be also able to pre-plan its journey. This application has proven ground breaking to carry out logistical services inside factories and other places.
This phenomenon has given birth to effective warehousing, cleaning of offices and large equipment, hospital staff support and this technology is also used for exploring environments that are too dangerous for humans. A very popular example of this has been observed when nuclear reactors are operated. AI robots are able to determine any anomalies in nuclear radiation and clear radioactive materials which are severely harmful for human intervention.
AI can also be used in process optimization; data obtained by sensors can be analyzed to enhance AI intelligence, with this knowledge unnecessary break downs are prevented and it can also reduce associated costs of major process issues faced especially by manufacturing organizations.
AI and Human Resources:
Let’s take a look at how AI is being employed in the human resources domain.
Now, this is something most people would not have expected, did you know that companies use software to ease out the hiring process. AI helps with blind hiring; software that uses machine learning can is being used to sift through applications based on specific parameters.
AI can be used to scan job candidate’s profiles and resumes to help recruiters provide an understanding of the talent pool available to them. This way HR becomes effective in gathering a pool of eligible candidates without the effort of acquiring information by using methods that take so much time.
AI Application in Health Industry:
There are things like prescription errors which are slip ups and lapses in a doctor’s prescription. Let’s face it, a dosage too high or low can be the difference between life and death. Considering the pressure and workload doctors face every day is unimaginable, this is where AI steps in to assist proper diagnosis and treatment based on the medical history of a patient. Some of the popular models followed here are Jvion analytic and Wellframe.
Medical Imaging and Diagnosis:
AI is helping doctors around the world with early diagnosis to analyze chronic conditions by taking into consideration laboratory and medical data. AI is also being employed with advanced medical imaging through which medical personnel can analyze and transform images.
Medical imaging can create models for possible scenarios, with all the possibilities known, doctors can be holistic with their prescriptions and are able to comprehend the whole picture. This is helping patients deal with their medical conditions in a better way as getting to the root cause of medical ailments effectively has never been possible before.
Research and Development:
AI is proving to be really important when it comes to the discovery of new drugs and even repurposing old drugs for the treatment of new diseases. All of this has been made possible with the help of the combination of historical data and medical intelligence. A recent example has been the advent of the vaccine for Covid-19.
If it were not for the application of AI there would have been no historical data and also the fast processing methods and virtual simulations would also have been missing. Now, imagine the time it would have taken for the research and development of vaccines required to curb massive virus outbreaks.
On the other hand application of AI in the medical field also helps understand the human gene and its components, by these scientists are able to predict different outcomes possible of a specific treatment regimen and take preemptive measures in order to reduce further unwarranted damage or side effects.
AI and Agriculture:
Monitoring Crop and Soil Health:
AI right now is helping farmers in identifying defects and nutrient efficiency in the soil. By analyzing images of soil and patterns in them soil defects and plant diseases can be identified. Due to this farmers get a picture of the effort they have to make to make the environment favorable for a better crop yield before effort is invested in purchasing crops that might not be able to provide the desired result.
Decreased Pesticide Usage:
AI also helps to decrease pesticide usage by using technology like Computer Wishon, robotics and machine learning to determine where weeds are grown. This way herbicides can be sprayed only on the area affected by wild weed growth.
In the old times farmers used to take precautions for every plant disease and invest in even those pesticides which are not required. By the use of AI only those nutrients are given to plants that they require in a specific condition. This has made farming produce a better yield and farmers are happy investing in produce that they actually require.